$1.8bln bank fraud: Indian authorities raid Cyril Amarchand office

February 28, 2018
India’s top investigation agency, the Central Bureau of Investigation (CBI), has raided Cyril Amarchand Mangaldas’s (CAM) Mumbai office in relation to a fraud by an Indian bank, according to Legally India.

Punjab National Bank announced earlier in February that it had discovered an alleged $1.8 billion fraud at a single Mumbai branch.

One of the main accused, billionaire jeweler Nirav Modi was instructing CAM until the fraud was discovered. The firm was cooperative in handing over all Modi mandate-related documents and immediately terminated the mandate.